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Nio Inc. (NYSE:NIO) reportedly plans to enter the Armenian market with a different approach. The EV company has inked a dealer agreement in Armenia, diverging from its usual approach of appointing distributors in overseas markets.
Armenia's N-Motors, via a LinkedIn announcement, revealed it will introduce Nio vehicles into the landlocked Western Asian nation.
CnEVPost reports that as an authorized dealer, it will sell both Nio and Onvo models and manage service operations independently.
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Unlike distributors, which often secure long-term brand authorizations and can open flagship brand showrooms, dealers under this new scheme operate under shorter contracts and lack full brand rights.
According to the CnEVPost that dealers must still meet quarterly sales targets.
Recently, Nio has increasingly relied on distributor partnerships globally to reduce its asset burdens abroad. The company's standard practice has been to work with a single distributor per market, usually a large automotive group.
According to CnEVPost, Nio has already established distributor deals in markets such as Azerbaijan, Greece, Cyprus, Bulgaria, Portugal, Singapore, Uzbekistan, and Costa Rica.
The Armenia agreement is a departure from tradition, and it lets Nio test a foothold via a leaner, lower-commitment partnership, CnEV Post adds.
According to Benzinga Pro, NIO stock has gained over 19% in the past year. Investors can gain exposure to the stock via the Invesco Golden Dragon China ETF (NASDAQ:PGJ).
NIO Price Action: NIO shares were down 0.60% at $7.41 during premarket trading on Friday. The stock is approaching its 52-week high of $8.02, according to Benzinga Pro data. NIO is sitting 7.0% below its 52-week high, but still holding strong at 19.5% above its 50-day moving average.
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